India cabinet approves plan to list 6 state-owned firms

1 Min Read

NEW DELHI, Dec 28 (Reuters) - India’s federal cabinet has approved a plan to list six government-owned companies and dilute stake in Kudremukh Iron Ore Company Ltd (KIOCL) through a share sale, the government said on Friday.

The government said it would reduce its stake in KIOCL through a follow-up offering.

The government faces the risk of missing its divestment target for the year, having garnered less than half the 800 billion rupees targeted amount. (Reporting by Aftab Ahmed; Editing by Subhranshu Sahu)